500 offshore workers being let go by Statoil?

Norwegian oil giant Statoil is looking to reduce its offshore workforce by 500 people, Dagens Næringsliv (DN) has reported.


 

According to DN, a Norwegian tabloid specializing in business reporting, Statoil also plans to make cuts in the onshore business, but no numbers have been revealed related to that. DN claims that approximately 5,000 jobs have been cut so far this year in the oil industry sector.

Norwegian engineering and construction company Aibel yesterday announced it would reduce its workforce by an additional 230 people. To remind, Aibel in August terminated contracts with 250 workers.

According to Wood Mackenzie, a consultancy firm, investors are increasingly demanding bigger dividends and a better rate of return from oil companies. As a result, many companies have committed to stricter capital discipline and are intensely screening projects based on financial criteria. Capital intensive projects are particularly being scrutinised. This means more difficult projects could be delayed, and in some circumstances will simply remain undeveloped, reads a recent report by Wood Mackenzie.

The “capital discipline” measures taken by oil companies have hit the supply chain firms the most.

Read more: Jobs slashed across Norwegian oilfield services sector

 

 

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Executive Oil Conference & Expo 2019

Executive Oil Conference and Exhibition is a unique opportunity to meet with all of the region’s…

read more >

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation of both upstream and downstream oil and gas companies and also its supporting industries gathered in the heart of Vietnam’s oil and gas industry in Vung Tau, to showcase the latest developments in the oil and gas industry.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply